luxury apartment / penthouse for sale Priest River, United States

LUXURY LIVING AND INCOME PRODUCING POTENTIAL. One of Sandpoint's most iconic waterfront properties nestled along Sand Creek in the heart of downtown, this legacy property spans over 10,000 sq ft across two buildings, with lush gardens, patios, and direct access to the marina and boardwalk. The centerpiece is a luxury penthouse residence, a 3 bed, 3 bath retreat with panoramic waterfront views, currently thriving as a high-demand vacation rental. Below, two established restaurant tenants create steady income and vibrant energy, while the landscaped parcel between the buildings provides private outdoor living space in the middle of town. This unique property offers unmatched flexibility: live here full-time, enjoy as a vacation residence, or continue operating as a proven investment. Located within Sandpoint's Federal Opportunity Zone, buyers also benefit from compelling tax incentive potential. Few properties combine this level of lifestyle, location, and financial upside.

Investor opportunity in the heart of downtown Sandpoint, where comparable residences within the building have demonstrated strong short-term rental performance and five of the six residences are investor-owned. This level of investor ownership reflects the building's proven appeal as both a luxury residence and income-producing asset. As the final residence available in the highly sought-after 5th & Cedar development, #203 offers a rare opportunity to combine income potential, personal use flexibility, and long-term appreciation. This 1,590-square-foot luxury condominium features one of the largest floor plans in the building, with a spacious open-concept design, primary en-suite, guest bedroom, full bath, detached garage, EV charging, high-speed internet, secure building access, and elevator service. Guests and owners enjoy premium rooftop amenities including a hot tub, fire table, outdoor TV, BBQ area, and lake views. Located in downtown Sandpoint's most walkable district, restaurants, shopping, coffee shops, City Beach, Lake Pend Oreille, and the Farmers Market are just steps away. With limited hotel inventory in downtown Sandpoint and strong demand for high-quality vacation rentals, properties like this continue to attract both visitors and investors. Schweitzer Mountain Resort, the region's premier year-round destination, is only 25 minutes away. Eligible for short-term rental use within Sandpoint's commercial zoning district.